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MARVIN MANDEL, Governor 1981
WITHIN OR WITHOUT THIS STATE, WHICH THE COMMISSIONER
CONSIDERS NECESSARY OR APPROPRIATE IN THE PUBLIC INTEREST
OR FOR THE PROTECTION OF INVESTORS.
(2) FOR THE PURPOSE OF AVOIDING UNNECESSARY
DUPLICATION OF EXAMINATIONS, THE COMMISSIONER, TO THE
EXTENT HE CONSIDERS IT PRACTICABLE IN ADMINISTERING THIS
SUBSECTION, MAY COOPERATE WITH THE SECURITIES
ADMINISTRATORS OF OTHER STATES, THE SECURITIES AND
EXCHANGE COMMISSION, AND ANY NATIONAL SECURITIES EXCHANGE
OR NATIONAL SECURITIES ASSOCIATION REGISTERED UNDER THE
SECURITIES EXCHANGE ACT OF 1934.
REVISOR'S NOTE: This section presently appears as
Art. 32A, §17.
The only changes are technical changes in
style.
11-412. DENIAL, REVOCATION, OR SUSPENSION OF
REGISTRATION.
(A) GROUNDS FOR DENIAL, SUSPENSION, OR REVOCATION.
THE COMMISSIONER BY ORDER MAY DENY, SUSPEND, OR
REVOKE ANY REGISTRATION IF HE FINDS THAT THE ORDER IS IN
THE PUBLIC INTEREST AND THAT THE APPLICANT OR REGISTRANT
OR, IN THE CASE OF A BROKER-DEALER, ANY PARTNER, OFFICER,
OR DIRECTOR, ANY PERSON OCCUPYING A SIMILAR STATUS OR
PERFORMING SIMILAR FUNCTIONS, OR ANY PERSON DIRECTLY OR
INDIRECTLY CONTROLLING THE BROKER-DEALER:
(1) HAS FILED AN APPLICATION FOR
REGISTRATION WHICH AS OF ITS EFFECTIVE DATE OR AS OF ANY
DATE AFTER FILING IN THE CASE OF AN ORDER DENYING
EFFECTIVENESS, WAS INCOMPLETE IN ANY MATERIAL RESPECT OR
CONTAINED ANY STATEMENT WHICH WAS, IN LIGHT OF THE
CIRCUMSTANCES UNDER WHICH IT WAS MADE, FALSE OR
MISLEADING WITH RESPECT TO ANY MATERIAL FACT;
(2) HAS WILLFULLY VIOLATED OR WILLFULLY
FAILED TO COMPLY WITH ANY PROVISIONS OF THIS TITLE, A
PREDECESSOR ACT, OR ANY RULE OR ORDER UNDER THIS TITLE
OR A PREDECESSOR ACT;
(3) HAS BEEN CONVICTED OF A FELONY, INFAMOUS
CRIME, OR OTHER CRIME INVOLVING MORAL TURPITUDE;
(4) IS PERMANENTLY OR TEMPORARILY ENJOINED
BY ANY COURT OF COMPETENT JURISDICTION FROM ENGAGING IN
OR CONTINUING ANY CONDUCT OR PRACTICES INVOLVING ANY
ASPECT OF THE SECURITIES BUSINESS;
(5) IS THE SUBJECT OF AN ORDER OF THE
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